By Sheri Kasprzak
New York, July 7 - Winstar Resources Ltd. said it has received subscriptions for C$21,349,999 in a private placement.
The company sold 30,333,334 subscription receipts at C$0.45 each and 17,111,111 shares at C$0.45 each.
The subscription receipts allow for one common share upon the closing of Winstar's acquisition of Athanor, BV.
First Associates Investments Inc. and Haywood Securities Inc. were the placement agents for the receipts.
If the acquisition closes before Sept. 1, the proceeds will be released from escrow to Winstar. The funds from both the receipts and the common shares will be used to fund exploration and development activities in Canada, Tunisia and Hungary, retire debt and pay costs associated with the acquisition.
Based in Calgary, Alta., Winstar is an oil and natural gas exploration company.
| Issuer: | Winstar Resources Ltd.
|
| Issue: | Subscription receipts exchangeable for common shares; common stock
|
| Amount: | C$21,349,999
|
| Warrants: | No
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| Placement agents: | First Associates Investments Inc., Haywood Securities Inc. (for receipts)
|
| Announcement date: | July 7
|
| Stock price: | C$0.60 at close July 7
|
|
|
| Subscription receipts
|
| Subscription receipts: | 30,333,334
|
| Price: | C$0.45
|
|
|
| Stock
|
| Shares: | 17,111,111
|
| Price: | C$0.45
|
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